【懂车之道 产业】我们来盘点一下2026年3月2日，汽车圈都发生了一些什么大事件。 汽车事件一：奇瑞集团2月销售汽车160765辆 3月1日，我们从官方获悉，奇瑞集团2月销售汽车160765辆，其中奇瑞汽车销量为146173辆。奇瑞集团累计出口突破600万辆，连续10个月出口突破10万 辆，8个月新增出口百万辆。 汽车事件二：比亚迪2月份销量190190辆 3月1日，我们从官方获悉，比亚迪2月份销量为190190辆，乘用车销量为187782辆，乘用车及皮卡海外销售100151辆，同比增长41.4%。具体信息如下： 具体来看，比亚迪汽车（王朝/海洋）销量为165013辆；方程豹17036辆；腾势5501辆；仰望232辆。1-2月比亚迪集团累计销售400241辆，乘用车及皮卡海 外累计销售200160辆。 汽车事件三：长城汽车2月销量72594辆 3月1日，我们从官方获悉，3月1日，我们从官方获悉，长城汽车2月销售新车72594辆，海外销量同比劲增37.36%。1-2月销售新车162906辆，同比增长 2.58%。具体信息如下： | 车型 | | | 销量 | | | | 产量 | | | | | | | --- ...

Summary of Key Points Core Viewpoint - Geely Automobile Holdings Limited reported its unaudited sales data for February 2026, showing a total vehicle sales of 206,160 units, representing a year-on-year growth of approximately 1% [2]. Brand Performance - Geely brand sales in February were 154,934 units, a decrease of 11% compared to the same month last year [3]. - The Galaxy series under the Geely brand sold 73,125 units, down 4% year-on-year [3]. - Lynk & Co brand sales reached 27,359 units, marking a significant year-on-year increase of 59% [2][3]. - Zeekr brand sales were 23,867 units, reflecting a year-on-year growth of 70% [2][3]. New Energy Vehicles - Sales of Battery Electric Vehicles (BEVs) in February totaled 67,832 units, a decline of 6% compared to the previous year [2][3]. - Sales of Plug-in Hybrid Electric Vehicles (PHEVs) reached 49,656 units, showing a substantial year-on-year increase of 89% [2][3]. Export Performance - The group's export volume in February was 60,879 units, representing a remarkable year-on-year growth of 138% [2][3]. - Cumulative exports for the year reached 121,385 units, up 129% compared to the same period last year [2][3]. Proton Sales - Proton achieved sales of 14,286 units in February 2026, reflecting a year-on-year growth of approximately 14% [2]. - Cumulative sales for the first two months of 2026 reached 30,392 units, an increase of about 25% compared to the same period last year [2].

Investment Rating - The report maintains a "Buy" rating for Geely Automobile (0175.HK) [5] Core Views - The company is experiencing growth driven by both plug-in hybrid and export sales, with Zeekr leading the growth [9] - The report highlights a differentiated development in the new energy sector, with plug-in hybrid vehicles showing a 37% year-on-year increase, while pure electric vehicle sales declined by 15% [9] - The export market has seen a significant increase of 121% year-on-year, indicating a successful transition from simple product exports to localized operations [9] - The establishment of a joint venture for core technology research and testing services is expected to enhance long-term competitiveness [9] Financial Forecasts and Indicators - Revenue projections for 2024, 2025, 2026, and 2027 are estimated at 240,194 million, 404,783 million, 489,688 million, and 572,828 million RMB respectively, with growth rates of 34.0%, 68.5%, 21.0%, and 17.0% [4] - Net profit forecasts for the same years are 16,632 million, 16,208 million, 22,085 million, and 25,971 million RMB, with growth rates of 213.3%, -2.6%, 36.3%, and 17.6% [4] - Earnings per share (EPS) are projected to be 1.53, 1.49, 2.03, and 2.38 RMB for 2024, 2025, 2026, and 2027 respectively [4] - The price-to-earnings (P/E) ratio is expected to be 10, 10, 7, and 6 for the respective years [4] - The price-to-book (P/B) ratio is projected at 1.8, 1.6, 1.3, and 1.1 [4]

Group 1 - The core viewpoint of the articles indicates that Geely's overall sales performance in January showed mixed results, with some brands experiencing declines while others saw significant growth [1][2] Group 2 - In January, Geely brand sales totaled 217,438 units, a year-on-year decrease of approximately 3% [1] - The Galaxy series sold 82,990 units, down 11% year-on-year, while Lynk & Co. sales were 28,877 units, down 4% [1] - Zeekr brand performed exceptionally well with sales of 23,852 units in January, achieving a 100% year-on-year increase [1] - In terms of power types, sales of battery electric vehicles (BEVs) were 68,012 units, down 15% year-on-year, while plug-in hybrid electric vehicles (PHEVs) saw a significant increase of 37%, totaling 56,240 units [1] - Geely's total export sales in January reached 60,506 units, marking a 121% year-on-year increase [1] - Proton brand achieved sales of 16,106 units in January 2026, a growth of approximately 36% compared to the previous year [1] - On February 1, Geely announced that total sales for January 2026 reached 270,167 units, reflecting a year-on-year growth of about 1% [2]

Core Viewpoint - Geely Automobile Holdings Limited reported its January 2026 unaudited vehicle sales data, showing a total sales volume of 270,200 units, a year-on-year increase of 1%, with significant growth in exports and Zeekr brand sales [1] Brand Performance - Geely brand sales reached 217,400 units, a year-on-year decline of 3%, with the Galaxy series selling 83,000 units, down 11% [1] - Lynk & Co sales were 28,900 units, reflecting a 4% year-on-year decrease [1] - Zeekr brand sales surged to 23,900 units, marking a 100% year-on-year increase [1] Vehicle Type Performance - Plug-in hybrid vehicle sales totaled 56,200 units, representing a year-on-year increase of 37% [1] - Pure electric vehicle sales were 68,000 units, showing a year-on-year decline of 15% [1] Other Brands - Proton's sales in January reached 16,100 units, which is a year-on-year increase of 36% [1]

Core Insights - Geely Automobile Holdings Limited reported record sales figures for October, with passenger car sales reaching 307,133 units, marking a year-on-year increase of 35% and a month-on-month increase of 12% [1] - The company has maintained a continuous growth trend for eight consecutive months, both year-on-year and month-on-month [1] - Cumulatively, from January to October, Geely's total sales reached 2.477 million units, reflecting a year-on-year growth of 44%, with an annual sales target achievement rate of 83% [1] - In the new energy vehicle segment, Geely's sales (including Geely, Lynk & Co, and Zeekr brands) reached 177,882 units in October, representing a year-on-year increase of 64% and a month-on-month increase of 8% [1]

Core Viewpoint - Geely Automobile announced a share repurchase plan of HKD 2.3 billion, aiming to enhance shareholder value and demonstrate confidence in its business outlook [1][3]. Group 1: Share Repurchase Plan - The board of Geely believes that the share repurchase plan aligns with the best interests of the company and its shareholders, especially in the current uncertain market environment [3]. - The plan will be executed through an automated mechanism in the open market and is subject to certain conditions, including compliance with the Hong Kong Stock Exchange regulations [3]. - The company plans to repurchase up to 1.008 billion shares, representing 10% of the total shares issued as of the date of the 2025 annual general meeting [3]. Group 2: Sales Performance - In September, Geely's monthly sales reached 273,125 units, marking a year-on-year increase of 35% and a month-on-month increase of 9%, with overseas exports accounting for 40,665 units [3]. - The sales of new energy vehicles (NEVs) reached 165,201 units in September, reflecting a year-on-year growth of 81% and a month-on-month increase of 12%, achieving a historical high [3]. - The total sales for 2025, including all brands, are projected to reach 2,170,189 units, representing a year-on-year increase of 46% [4]. Group 3: Market Outlook - Analysts from Guohai Securities view the company's fuel vehicle base as resilient, with expectations for growth driven by electrification, globalization, and premiumization [4]. - According to Kaiyuan Securities, the performance of new vehicles in the second half of 2025 is expected to exceed expectations, with the company's platform-based manufacturing cost advantages translating into the ability to continuously create popular models [4].

Group 1 - The company announced a share buyback plan of HKD 2.3 billion, which will be executed through an automated mechanism in the open market [2] - The board believes that the buyback plan aligns with the overall best interests of the company and its shareholders, showcasing confidence in the business outlook amid market uncertainties [5] - The plan is subject to certain conditions, including obtaining a waiver from the Hong Kong Stock Exchange regarding compliance with specific listing rules [5] Group 2 - In September, the company achieved a monthly sales volume of 273,125 units, representing a year-on-year increase of 35% and a month-on-month increase of 9%, with overseas exports accounting for 40,665 units [6] - The sales of new energy vehicles reached 165,201 units in September, marking an 81% year-on-year increase and a 12% month-on-month increase, setting a historical record [6] - The company’s total sales for 2025, including all brands, reached 2,170,189 units, reflecting a 46% year-on-year growth [6]

Core Insights - Geely Automobile Holdings Limited reported a total sales volume of 273,125 units in September 2025, representing a year-on-year increase of 35% [2] - Cumulative sales from January to September 2025 reached 2,170,189 units, marking a 46% year-on-year growth [2] Sales Performance - Geely brand sold 221,966 units in September, up 43% from 154,813 units in the same month last year [3] - The Galaxy series achieved remarkable sales of 120,868 units in September, a 131% increase year-on-year, with cumulative sales of 874,985 units, up 206% [3] - Zeekr brand's sales were 18,257 units in September, a decline of 14%, but cumulative sales for the year reached 143,600 units, a 1% increase [4] - Lynk & Co brand sold 32,902 units in September, up 28% year-on-year, with cumulative sales of 241,472 units, a 23% increase [4] New Energy Vehicles - In September, sales of battery electric vehicles (BEVs) reached 99,516 units, a 55% increase year-on-year [4] - Plug-in hybrid electric vehicles (PHEVs) sales were 65,685 units, showing a significant growth of 146% [4] - Cumulative sales of new energy vehicles from January to September totaled 1,167,823 units, reflecting a 104% year-on-year increase [4] Export Performance - Export sales in September were 40,665 units, a slight increase of 1% year-on-year [4] - Cumulative export figures for the year reached 296,128 units, indicating a decline of 7% compared to the same period last year [4]

Summary of Key Points Core Viewpoint - Geely Automobile reported strong sales growth in August, with total vehicle sales reaching 250,167 units, a year-on-year increase of approximately 38%. Cumulative sales for the first eight months of the year reached 1,897,064 units, up 47% compared to the same period last year [2][3]. Sales Performance by Brand - Geely brand sales in August were 205,324 units, a 46% increase year-on-year, with cumulative sales of 1,563,151 units, up 57% [3]. - The Galaxy brand saw sales of 110,666 units in August, a remarkable 173% increase year-on-year, with cumulative sales of 754,117 units, up 222% [3]. - Zeekr brand sales were 17,626 units in August, a slight decrease of 2%, but cumulative sales for the year reached 125,343 units, a 3% increase [3]. - Lynk & Co brand sales were 27,217 units in August, a 21% increase year-on-year, with cumulative sales of 208,570 units, up 23% [3]. Electric Vehicle Sales - Sales of pure electric vehicles (BEVs) reached 93,362 units in August, a significant year-on-year increase of 98%, with cumulative sales of 694,208 units, up 162% [4]. - Sales of plug-in hybrid electric vehicles (PHEVs) were 53,985 units in August, a 90% increase year-on-year, with cumulative sales of 308,414 units, up 63% [4].